Any rebound is telling for Brazil, which is in its worst recession ever. Unemployment is at an all-time high at 13%, and millions are without work.

Despite the summer Olympics in Rio de Janeiro last year, beer sales dropped in Brazil as a political and economic crisis overshadowed the tourism boost.

Most economists believe that Brazil's economy is through the worst of its recession and will start to grow, albeit at a glacial pace, this year. If true, it'd be good news for AB InBev, which gets 16% of its total sales from Brazil.